Income Falls at Tronox on Costs Associated with Exxaro Mineral Sands Acquisition

9:44 AM MDT | May 18, 2012 | Lindsey Bewley

Tronox reported first-quarter net income of $86.3 million, down 86% from the year-ago quarter, on costs associated with the pending acquisition of Exxaro Mineral Sands. Adjusted Ebitda was $151.4 million, up 64% from the first quarter of 2011, on strong sales in North America and a deceleration in destocking, the company says. Sales rose 16%, to $433.6 million, on improving volumes combined with higher prices. “Our results reflect performance in a TiO2 market that had not yet fully recovered,” says Tom Casey, chairman and CEO of Tronox...